KDPW, the company handling Poland’s clearing and settlement system, has become a member of the Global LEI System.

The firm met all the requirements set by GLEIF, the body responsible for legal entity identifiers (LEIs) – unique codes which ID financial firms. 

Above all the accreditation means KDPW will be able to keep on assigning the codes – a service it has provided since 2013.

The Warsaw-based business, which also acts as a trade repository, currently manages a data base of over 7,000 LEIs from Poland and 21 other countries.

The need for the codes stems from EU legislation, including such acts as EMIR, REMIT, MiFID II/MiFIR, CSDR and SFTR. 

Currently, LEIs must be held by all legal entities and natural persons engaged in commercial activity involving derivatives transactions which must be reported to the transactions depositories. 

A wider group of entities, including those concluding transactions in the spot market, as well as issuers will be soon concerned by the LEI code obligation.

Implementing the system on a global basis  is designed to increase transparency and security of the financial markets.

“We observe a growing demand for the LEI codes assigning service. An important element which drives this demand are EU regulations which obligate entities operating in the financial market to obtain this code,” said Iwona Sroka, KDPW's president.